|The best place to find gold is where it’s already been found. Red Lake is a standout in that category.
This area of western Ontario has produced 28 million ounces of gold from ore averaging 15 g/t gold. That is a huge amount of very high-grade gold.
All those Red Lake gold deposits share certain traits. Gold generally occurs at mafic-felsic boundaries within the Red Lake Greenstone Belt or where greenstone rocks butt up against sedimentary rocks. It helps when rocks have been stretched and folded to create openings that can fill with gold.
So if you are looking for more Red Lake gold, you start where the right kinds of structures run through the right rock types and boundaries.
Great Bear Resources’ (TSXV: GBR) Dixie Lake project offers exactly that combination of traits. It also offers historic gold drill hits in a land package where divided ownership kept explorers at bay for years. Those were the first things that attracted me to the investment.
Then I learned that Great Bear has a tight share structure and strong management. And that the company had already spent 18 months diving through historic data, reinterpreting geology, and confirming their ideas through initial drilling. They also cleaned up project ownership, cleared away old royalties, and expanded the property.
The initial drill program was a clear success. Dixie Lake returned high-grade gold from 500 metres of strike and to 100 metres depth. And the gold was very consistent – in a district where nugget-y gold means drilling often misses as often as it hits, Dixie Lake returned better than 3 g/t gold in 70 of 73 holes, including lots of very high-grade hits.
That’s a good start – but what’s exciting is the potential for much more.
Great Bear will test four exploration targets at Dixie Lake in a drill program that just got underway. The team is going to look below the known zone; gold often gets better with depth in Red Lake. It’s going to look 2 km along strike to the northwest, where the team has found gold in the same structures and rocks. It’s going to look to the southeast where the gold-bearing structure folds back on itself, the kind of hinge that often carries globs of gold in Red Lake. And it’s going to look beyond the hinge for another entire limb of mineralization to the south.